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R P

R P Yadav  |293 Answers  |Ask -

HR, Workspace Expert - Answered on Feb 23, 2024

R P Yadav is the founder, chairman and managing director of Genius Consultants Limited, a 30-year-old human resources solutions company.
Over the years, he has been the recipient of numerous awards including the Lifetime Achievement Award from World HR Congress and HR Person Of The Year from Public Relations Council of India.
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Asked by Anonymous - Dec 13, 2023Hindi
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Presently I work as Asst VP in formulation R&D and my CTC is 72 lakhs. I have a total of 21 years experience post Ph.D degree. How does my salary compare to pharma industry standards? Is it in line with the industry trend or higher than average or lower?

Ans: Determining whether your salary is in line with industry standards can be influenced by various factors, including your role, responsibilities, the company's size, location, and overall market conditions. However, your current salary of 72 lakhs as an Assistant Vice President in Formulation R&D with 21 years of experience post-Ph.D. seems competitive and well above average for the pharmaceutical industry.

To get a more accurate benchmark, you might consider:

Industry Reports: Explore industry reports and salary surveys specific to the pharmaceutical sector. Organizations like Aon, Mercer, or local industry associations may publish such reports.

Networking: Connect with professionals in similar roles through industry events, LinkedIn, or professional organizations. Discussing compensation trends can provide valuable insights.

Consulting with HR: Speak with your company's HR department to understand how your compensation aligns with the company's salary structure and industry standards.

Job Portals: Check job portals for similar positions in your region to see the salary ranges offered by other companies for comparable roles.

Geographical Considerations: Keep in mind that salaries can vary significantly based on geographical locations. A salary that is competitive in one region may be considered high or low in another.

Market Demand: Assess the demand for professionals in your role. If there is a high demand for individuals with your skill set and experience, it could contribute to a higher salary.

Ultimately, while salary is an important factor, it's also crucial to consider other aspects of your compensation package, such as benefits, bonuses, and opportunities for career growth. If you feel satisfied with your overall package, including non-monetary benefits, and your compensation aligns with your responsibilities and the industry standards, then it's likely that your salary is competitive. If you have specific concerns, discussing them with your HR department or seeking advice from industry professionals can provide more tailored insights.
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